Home prices dip

October's median price of $325,000 in L.A. County was down $5,000 from the previous month and $30,000 (or 8.5 percent) from October 2008. It's hard to read too much into those numbers, given that OC posted a 3.9 percent increase in prices from a year earlier. Sales, too, are a mixed bag: Up in L.A. and down in OC, according to the new Dataquick numbers. Lots of cross-currents are mucking up the picture, especially the number of foreclosures that may or may not be around the corner. But note the big price drops in Riverside and San Bernardino - not a great sign. From the press release:

"The government is playing a huge role in stabilizing and, to some extent, reinvigorating the housing market," said John Walsh, MDA DataQuick president. "Its actions have triggered ultra-low mortgage rates, plentiful low-down-payment financing, an extended and expanded tax credit for home buyers, and programs and political pressure aimed at reducing foreclosures. The real question now is how well can the market perform next year as some of the government stimulus disappears," he continued.

OCTOBER HOME SALES (% change from Oct. 2008)
Los Angeles 7,409 +8.6%
Orange 2,800 -1.2%
Riverside 4,197 -9.1%
San Bernardino 3,176 +11.2%
San Diego 3,671 +2.0%
Ventura 879 +9.6%

OCTOBER HOME PRICES (% change from Oct., 2008)
Los Angeles $325,000 -8.5%
Orange $436,500 +3.9%
Riverside $190,000 -17.4%
San Bernardino $150,000 -25.0%
San Diego $325,000 +0.5%
Ventura $365,000 -2.7%

Source: MDA DataQuick, DQNews.com